The Time of the Bangladesh Bank's procurement process has been reduced significantly with the introduction of electronic tendering, officials said on Tuesday.

They said since the online tender process was launched by Bangladesh Bank (BB) governor Atiur Rahman on June 12, the central bank has opened 24 tenders, of which four has already been awarded.

The process has been speeded up following provision of online submission by the bidders, automated evaluation and speedy award announcement ensuring full security of the system.

The officials said two-thirds of the time of procurement has been reduced with the e-tendering process.

"Which was earlier done in three months can now be done in a month," said Gouranga Chaktraborty, systems management of IT operation and communications department.

He said the tendering process is totally safe and secure and evaluation is done by the central bank's own software.

He said that the system evaluates the proposals automatically as soon as the bidding is closed and declares the award.

An evaluation committee is the only authority which can verify the whole process and the documents if anything unusual is found, said another official.

The e-tendering system of the central bank is introduced with the facility of online bidder registration, email acknowledgement of new tender according to bidder's interest list, online bid participation, online frequently asked tender-specific questions with comprehensive security.